Chevron Posts Steepest Loss in a Decade After Gas Writedown
(Bloomberg) -- Chevron Corp. posted its biggest loss in a decade after it wrote down the value of North American natural gas fields and returns plunged from overseas refining and oil production.
- Most of the fourth-quarter loss stemmed from $10.4 billion in previously announced impairments. Profit from the company’s international downstream and upstream divisions also sank.
- Chevron Chief Executive Officer Mike Wirth is differentiating the oil explorer from some of its biggest rivals by funding heftier shareholder payouts and buybacks with cash rather than borrowed money.
- Royal Dutch Shell Plc rowed back on buyback plans and Exxon is facing another quarter of resorting to debt or asset sales to cover dividends.
- Investors are keenly interested in whether the expansion of one of Chevron’s marquee fields in Central Asia will face additional cost increases.
- Chevron fell as much as 1.4% in pre-market trading in New York.
- Read Chevron’s earnings statement here.
©2020 Bloomberg L.P.